When I posted, I really wasn't aiming to cause a spiteful barrage of messages with PHG shareholders. As I said, I had come across the company, and thought that their actual business model / idea had merits. It wasn't until I saw the blatant abuse of shareholders money that I decided not to invest, and thought it would be prudent of me to warn any other prospective investors out there.
Guys, I am all for free enterprise and market capitalism, believe me, it is how I make my living. But what really rocks my boat is how some people out there abuse shareholder funds, which I think is what is happening here.
Check out the ASX announcement on 1 February 2008 titled "Disclosure Document" and turn to pages 25 and 26.
"Disclosure of Interests" millions of options granted - which is fine, as most are at 20 cents, and will benefit directors if the share price performs. No problem here.
However, read down the same page. "subject to shareholders approval, three [Directors] will be issued a total of 6,428,571 shares"
Then turn to page 26.
After a review by the remuneration committee, the Managing Directors package "has been increased to $275,000 per annum (up from $168k) plus superannuation, WITH AN EFFECTIVE DATE 1 AUGUST 2007"
That is a pay increase ov 60%, and it has been BACKDATED by 6 months... doesn't smell right.
Now guys... as I have said before, I have no problem with directors getting paid or giving themselves pay rises IF THEIR SHARE PRICE IS GOING UP.... this is not happening here.
All I am saying is be careful - it is just a piece of friendly advice, not an attempt to down ramp.
I won't reply to any more of your abuse from here on, but if you want to vent your trading losses from this stock out on me, then feel free...
Again, good luck, because it sounds like you guys really need it.
PHG Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
